Market Shifts: Tech Stocks Retreat as Energy and Health Gain

The Nasdaq and S&P 500 indices saw declines on Wednesday, impacted by investor shifts away from high-value tech stocks towards sectors like energy and healthcare. This move comes as stakeholders eagerly anticipate insights from Federal Reserve officials during the Jackson Hole symposium scheduled for this week.

Tech stocks, critical to Wall Street's recent recovery, continued to retract. Specifically, the S&P 500 technology index dropped 0.8% despite some recovery earlier in the session. Notably, seven out of the 11 S&P 500 sectors posted gains, prominently led by energy, healthcare, and consumer staples.

Factors behind the tech dip include comments from industry leaders about AI stock speculation and governmental interference in tech enterprises. Concerns rose with President Trump's administration's exploration of equity stakes in chip firms. Many observers await Nvidia's quarterly results, anticipating clarifications on AI demand and market direction.

(With inputs from agencies.)